Accessing super early
From Monday April 20, temporary changes to superannuation laws will enable members who suffer a loss of income due to coronavirus to get early access to their super.
The Federal Government has announced that it will temporarily allow people who lose their job or income due to the COVID-19 economic downturn to access their superannuation retirement savings. Those who are eligible will be able to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
How to apply
From Monday April 20, the Australian Tax Office (ATO) will make an online application form available. From that date, individuals will be able to commence applications. From Monday, April 20, The application form can be completed in two ways:
- Through the MyGov portal; or
- By calling the ATO.
The process will require you to verify your identity, verify your eligibility for the payment and nominate bank account details.
The ATO will then notify us of your request, and we will make a payment to your nominated bank account. Details of who is eligible are available in the Federal Government fact sheet.
Eligibility will be determined by the Australian Tax Office
You don't need to contact us to confirm your eligibility, or apply. legalsuper is not able to accept any applications directly, applications will be accepted online through MyGov or by calling the ATO.
We will update this page as more information about how to apply becomes available.
If you are not eligible for the COVID-19 early release benefit or would like to explore other options for withdrawing your super balance, read about Accessing your money.
This is general information only and does not take into account your individual objectives, financial situation or needs. Accordingly, before taking any action, you should consider whether it is appropriate to you, having regard to your objectives, financial situation and needs. You should obtain a copy of legalsuper’s Product Disclosure Statement (PDS) which is available by contacting legalsuper or via its website at legalsuper.com.au before making a decision.